TD Bank CD Rates and Review

TD Bank offers a unique set of CD (certificate of deposit) products for both consumers and businesses. What sets their deposit product offerings apart from other credit unions and banks is that they offer “Step Up” CD’s which basically come with incrementally increasing interest rates as your deposit gets closer to maturity. Below are the going rates for these CD’s. As a side note their personal CD’s are currently yielding slightly lower rates than the national average for CD rates.

About TD Bank:

TD Bank claims to be America’s most convenient bank (so much so that they’ve actually trademarked the term “America’s most convenient bank”). They are one of the 15 largest banks in the United States with $160 billion in assets, and provides customers with a full range of financial products and services at more than 1,100 retail stores throughout the Northeast, Mid-Atlantic, Metro D.C. and Florida.

Company History:

The company first opened its doors as Portland Savings Bank in Portland, Maine, in 1852, and later grew through a series of mergers and became Peoples Heritage Bank in 1983. At the turn of the millennium, the opportunity for growth presented itself again as Peoples Heritage Bank, through several acquisitions, expanded deeper into New England and took the name Banknorth.

Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.

In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.

Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America’s Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.

Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida.

Current CD Rates offered by TD Bank:

Basic CD’s

- 9 month CD yielding 0.65% APY with a minimum deposit of $250 required. The current national average for 6 month CDs sits at roughly 0.78% APY (to put this offer in perspective).

- Other terms available, contact a local rep for current rates.

No Catch CD’s

- 6 month CD yielding 0.45% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

- 12 month CD yielding 0.40% APY with a minimum deposit of $250 required and one penalty-free withdrawal allowed.

Step Rate CD’s

- 3 year CD yielding 1.47% APY. Year 1 yields 0.90% APY, year 2 yeilds 1.24% APY and year 3 yields 2.24% APY.

- 5 year CD yielding 1.80% APY. Year 1 yields 0.75% APY, year 2 yeilds 1.00% APY, year 3 yields 1.74% APY, year 4 yields 2.23% APY and year 5 yields 3.20% APY.

* For the Step Rate CD the annual percentage yield is a Composite APY. The APY assumes each stated interest rate will be in effect for the length of time identified (one (1) year period).

TD Bank has locations in Connecticut, Washington D.C., New Jersey, New York, New Hampshire, Florida, Massachussetts, Maryland, Maine, Pennsylvania, Vermont and Virginia.

Also check out: TD Bank’s Checking Account Bonus

NOVA Bank CD rates and review

Philadelphia based NOVA Bank has several branch locations throughout Pennsylvania as well as two branches in New Jersey (Deptford and Woodbury Heights). They operate as a Pennsylvania state-chartered savings bank and are subject to regulations imposed by the Pennsylvania Department of Banking and by the Federal Deposit Insurance Corporations (the “FDIC”). NOVA Bank has operated as a community banking institution for more than 120 years and provides a wide-range of financial products and services to the greater Philadelphia region. Through various delivery points, NOVA Bank offers personal banking services, business banking services, financial planning, and wealth management services. These services are offered directly through NOVA’s subsidiary NOVA Financial Services, Inc. and through NOVA affiliate partners.

Within the personal banking services sector they provide money market accounts, checking accounts, certificates of deposit and interest checking accounts. They typically offer above average rates on their deposits and are frequently noted in BankVibe’s top CD rates charts.

NOVA Bank CD Rates (as of June 1, 2010):

- 3 month CD rate yielding 0.75% APY with minimum deposit of $500 required.

- 6 month CD rate yielding 1.20% APY with minimum deposit of $500 required.

- 12 month CD rate yielding 1.50% APY with minimum deposit of $500 required.

- 18 month CD rate yielding 1.75% APY with minimum deposit of $500 required.

- 2 year CD rate yielding 1.95% APY with minimum deposit of $500 required.

- 3 year CD rate yielding 2.30% APY with minimum deposit of $500 required.

- 4 year CD rate yielding 2.55% APY with minimum deposit of $500 required.

- 5 month CD rate yielding 2.85% APY with minimum deposit of $500 required.

Terms and Conditions:

-Rates are subject to change at any time. APY accurate as of Wednesday, May 19, 2010. Minimum balance to open and obtain the stated APY is $500.00. Fees could reduce earnings. There is a substantial penalty for early withdrawal. These rates apply only to accounts opened at NOVA Bank business centers providing account opening services to the following counties: Chester, Delaware, Montgomery and Philadelphia Counties in Pennsylvania AND Gloucester and Camden Counties in New Jersey. Please call 1-877-NOVABANK for rates available in other counties or out of state.

Hyperion Bank CD Rate Specials and Promotions

Hyperion Bank, based out of Philadelphia, Pennsylvania currently has some pretty lucrative CD rates given the current market for savings accounts. Their best products come in the form of short term CD rates. They have a 3 month CD special available as of May, 18, 2010 which offers a return of 1.15% APY with a minimum deposit of just $399.00 required. To put this offer in perspective, the national average for 3 month CDs sits at around 0.30% APY.

About Hyperion Bank:

Hyperion Bank claims to be the first community bank to locate in the urban section of Philadelphia in more than 20 years, opening its doors in November of 2006 in the Northern Liberties area, about a mile and a half north of the Liberty Bell. They chose this site because of its extensive residential redevelopment, expanding small businesses and deep-rooted neighborhood residents.

In addition to bringing a new urban banking center to the neighborhood, Hyperion Bank also brought urban revitalization. Housed in a stunning red brick building (above) that over a century ago was Philadelphia’s Eighth National Bank, their initial branch and corporate headquarters, located at the northeast corner of Second Street and Girard Avenue, was a vacant warehouse for the last couple of decades. Now the 135 year old bank building has been restored to its original 1871 grandeur, has received an award from the Preservation Alliance for Greater Philadelphia and is a signature footprint in the area’s urban revitalization.

Current CD Rates offered through Hyperion Bank:

- 30 day CD yielding 0.65% APY with a minimum deposit of $399 required.

- 3 month CD special yielding 1.15% APY with a minimum deposit of $399 required.

- 6 month CD yielding 0.85% APY with a minimum deposit of $399 required.

- 9 month CD yielding 1.00% APY with a minimum deposit of $399 required.

- 12 month CD yielding 1.15% APY with a minimum deposit of $399 required.

To get a better idea of CD rates in this region you may want to compare this offer with the best CD rates in Pennslyvania or the top CD rates in Philadelphia.

Recent News for Hyperion Bank:

- In February of this year Hyperion Bank was held up and robbed at gun point by an unkown man standing around 5’6″ and as of February of this year, the criminal who robbed this bank was still at large. Read Full Story.

Outstanding savings rates at this SEG based credit union

Utilities Employees Credit Union, based out of Pennsylvania, is an SEG (select employee group) based credit union which is currently providing some phenomenal CD rates, money market rates and checking rates to it’s members.

Thanks to BankVibe reader Jamie for giving us the heads up on these rates! Below are some of their noteworthy products compared to the current national averages.

They have a 6 month CD yielding between 1.75% APY and 2.25% APY depending on your deposit amount. The rates are set up in tiers based on the amount in which you can invest. If you invest between $500 (minimum deposit required) and $9,999 you will receive a yield of 1.75% APY. If you invest between $10k and $74,999 you will earn 2.05% APY and if you deposit $75,000 or more you will earn an unheard of 2.25% APY on this 6 month certificate of deposit!

Other UECU products which are smashing the national averages…

12 month CD yielding between 1.85% APY and 2.35% APY depending on deposit amount.

2 year CD yielding between 2.05% APY and 2.55% APY depending on deposit amount.

3 year CD yielding between 2.25% APY and 2.75% APY depending on deposit amount.

4 year CD yielding between 2.50% APY and 3.00% APY depending on deposit amount.

5 year CD yielding between 2.75% APY and 3.25% APY depending on deposit amount.

The current national average for 6 month CDs is 1.05% APY, 12 month CDs is 1.51% APY, and 3 year CDs is 2.14% APY.

They also have an “Advantage Money Market Checking Account” yielding 1.0% APY for balances between $1.00 and $9,999, 1.75% APY for balances between $10k and $49,999, and a solid 2.50% APY for balances of $50k and above. The national average for money market rates sits at 0.93% APY.

Who exactly is eligible for membership?

Regular employees, temporary or contract employees, retirees of UECU’s sponsor companies and their subsidiaries. Family members of the above are also eligible. Family members include: spouse, domestic partner, children and step-children, grandchildren, parents and step-parents, and siblings.

Best CD Rates in Philadelphia, PA: Top 3

Below are the highest yielding CD (certificate of deposit) rates available to the residents of Philadelphia, Pennsylvania. These come in the form of 6 month CDs, 12 month CDs and 24 month CDs. After sorting through dozens of rate pages by local community banks and credit unions serving the city of Philadelphia as well as the state of Pennsylvania, we found that for the most part, you will be able to receive slightly better rates with national institutions than with local ones.

Keep in mind interest rates are time-sensitive in nature, so you will want to refer to the date of this article for accuracy. To get the most CD current rates from national banks, compare CD rates nationwide. 

How did we compile this list? As you are probably aware, higher CD rates tend to accompany longer maturities and since we did not want to strictly list long maturity CD’s we decided to list the deposit rates which beat the national average by the highest margins.

Best 6 month CD rates in Philadelphia, Pennsylvania:

• Harleysville National Bank and Trust Company has a 6 month CD yielding 1.90% APY with a minimum deposit of $500 required. They have locations throughout PA and atleast one location (either branch or ATM) in Philadelphia.
• Philadelphia Federal Credit Union has a 6 month CD yielding 1.90% APY with a minimum deposit of $10,000 required. They are headquartered in Philadelphia. 
• American Heritage Federal Credit Union has a 6 month CD yielding 1.80% APY with a minimum deposit of only $1000 required. They have locations in Philadelphia and Horsham, PA.

Best 12 month CD rates in Philadelphia, Pennsylvania:

• Freedom Credit Union has a 12 month CD yielding 2.05% APY with a minimum deposit of $500 required. They have locations throughout PA.
• Police and Fire Federal Credit Union has a 12 month CD yielding 2.0% APY with minimum deposit of $500. They have locations in Philadelphia and Elkins Park, PA.
• Republic First Bank has a 12 month CD yielding 2.0% APY with a minimum deposit of $500 required. They have locations in Philadelphia and Abington, PA.

Best 24 month CD rates in Philadelphia, Pennsylvania:

• Police and Fire Federal Credit Union also has a 24 month CD yielding 2.50% APY with a minimum deposit of $500. This credit union is fairly strict with it’s membership eligibility but has several locations throughout the state.
• American Heritage Federal Credit Union has a 24 month CD yielding 2.40% APY with a minimum deposit of $500 required. They have locations in Philadelphia and Horsham, PA.
• Huntington Valley Bank has a 27 month CD yielding 2.35% APY with a minimum deposit of $500 required. They have locations in Philadelphia and Huntington Valley.

Best MMA (money market account) rates in Pennsylvania

Below are the highest yielding money market account rates serving citizens of the state of Pennsylvania.

If you are strictly after the best rate then you have a variety of options that will provide you with similar yields. The question you need to ask yourself is, “what type of minimum balance can I keep?” Most money market accounts provide a given interest rate based on a certain account balance. The more money you are able to keep in these accounts, the higher the interest rate you will generally receive.

If you browse through our archive of money market account rates, you will see MMA’s are yielding a lot less than they were this time last year. In fact, the national average for money market rates sits at roughly 1.20% APY currently – this number was well above 3.0% APY during the summer of 2008.

Below I have listed the top 2 banks and/or credit unions serving the state of Pennsylvania which are offering the best returns on their money market accounts. Keep in mind, you may receive higher rates from larger national banks whom serve the whole country rather than a specific region. Compare money market accounts nationwide to find the optimal account for you.

Top 2 money market rates in Pennsylvania:

(clicking on the institution will bring you to their home page)

• First National Bank of Mifflintown: Thompsontown, PA. “Value Money Market Account” yielding 1.51% APY with a minimum balance amount of $100. If you maintain a balance of at least $10,000 this yield becomes 2.07% APY. The national average for money market rates sits at roughly 1.20% APY (to put this offer in perspective). Also, this appears to be a promotional offer and like all money market accounts, the interest rate is variable and subject to change without notice. You must stop in to a local branch to apply for this account. First National Bank of Mifflintown has two other noteworthy products. One is a promotional 45 month CD (certificate of deposit) yielding 3.04% APY and the other is a promotional 9 month CD yielding an APY of 1.51%. They have branch locations throughout Pennsylvania as well as out of state branches in both Delaware and Louisville, KY.
• United American Savings Bank: Pittsburgh, PA. “Dream Builder Money Market” yielding up to 1.95% APY depending on balance amount. For balances up to $999 you will receive 0.75% APY, for balances between $1000 and $9,999 receive 1.0% APY and for balances above $10k earn 1.95% APY. If you are after a high interest rate, then be sure you can maintain a balance of above $10,000 or you will earn an interest rate below the national average. Currently, UASB only has one location in Pittsburgh, however the construction of new branches is underway, plus they are expanding their remote/online banking options.

Both of the banks listed above are member FDIC. If you live in Pennsylvania and know of a better money market account rate offered through your local bank or credit union, please share by leaving a comment.

Best certificate of deposit rates in Pennsylvania (Top 3)

Below are the top 3 CD rates available to residents in the state of Pennsylvania. Many of the institutions listed below will require you to actually stop in to one of their branches in order to sign-up and make the deposit into a CD account. After researching the highest yielding CD rates in Pennsylvania we found that the best rates come in the form of 20 month CDs, 36 month CDs and 60 month CDs. As you may already know, the highest yields generally come with the longest maturities, therefor when compiling this list we took the CD rates that beat the national average by the highest margins. You should also note that several local institutions within the state conduct CD promotions which are advertised only locally. So you may want to stop into your local branch and see what type of CD rate deals are going on (if any). A few weeks ago we covered Miners Bank and their phenomenal 24 month CD rate promotion which was yielding an unheard of 4.06% APY. Unfortunately for most Pennsylvania residents there was only a 2 week window in which you could apply.

Note: Sometimes national banks can offer better rates than local banks and credit unions (depending on where you live) so you may want to compare nationally available CD rates with the ones listed below.

Top 3 CD rates (Pennsylvania)

(clicking on the institution will bring you to their rates page)

East River Bank: Philadelphia, PA. 20 month CD yielding 2.65% APY with a minimum deposit amount of $2,000. This is a “special offer” by East River Bank and is only available for a limited time. East River Bank is a very small institution and only has two branches. One is located in Roxborough and the other is located in East Falls. East River’s mission statement is somewhat bland – to provide superior returns to it’s shareholders by combining quality products and services.

Police and Fire Federal Credit Union: Philadelphia, PA. 36 month CD yielding 3.25% APY with a minimum deposit amount of $500. Police and Fire FCU has very competitve CD rates for each maturity. A few of their other stand-out rates are a 24 month CD yielding 2.75% APY and their 5 year CD, which is yielding a whopping 4.0% APY. Generally employment-specific credit unions will offer more competitive rates than local banks simply becuase they are exclusive to join, they are not-for-profit and (in this instance) they are stricly serving city and federal employees. To become a member of this credit union you must either work in law enforcement or any other general emergency response organization within the greater Philadelphia region. You may also be eligible if you have family members within that employment niche.

Berks Community Federal Credit Union: Sinking Spring, PA. 60 month CD yielding 3.56% APY with a minimum deposit of $500. Berks Community Federal Credit Union was originally chartered as Dana Reading Federal Credit Union in 1953 by a small group of Parish Pressed Steel employees. Tired of poor service and interest rates at local banks, they formed the credit union to provide the Parish Pressed Steel employees with an alternative financial institution. Over the years, the credit union continued to grow. Today, they now serve approximately 8,000 members and have assets exceeding $47 million.

Pennsylvania State Employees Credit Union also has some noteworthy savings products. They are the 12th largest credit union in the United States. Membership is available nationally.

If you know of a CD rate higher than ones we have listed within the state of Pennsylvania, please share by leaving a comment!

Miners Bank’s 2 year CD promotion yielding 4.06% APY

We just got tipped off on a fantastic 2 year certificate of deposit promotion which is going on through a small community bank called Miners Bank, out of Minersville, Pennsylvania. Currently they are offering local customers a promotional 2 year CD with an amazing APY of 4.06%.

Thanks to frequent BankVibe reader/contributor Farmer Frank who mailed me the promotional flier, actual copy of the certificate of deposit, and a few other pieces of crucial evidence.

I realize this two-year certificate of deposit will only be relevant to a small percentage of you due to Miners Bank’s geographical restrictions when it comes to new customers, however, if you read the article “Where to find the best 9 month CD rates” I mentioned taking competing rate offers from various banks and credit unions and simply trying to get your local bank or credit union to match it. A few readers have had success doing this in the past, but claim that it is a more effective tactic when dealing with A) jumbo CD’s or B) long-time customer of many years.

Miners Bank Two Year CD Account Features:

(as seen on the hard copy of the certificate of deposit)

Interest Rate: 4.00% or 4.06% APY

Term: 24 months

Compounding: Interest will be credited quarterly and compounded quarterly.

Automatically Renewable: This account will automatically renew at maturity. Each renewal term will be the same as the original term. The interest rate will be the rate they offer on new certificates on the maturity date which have the same features as the renewed certificate. Grace period of ten days will be permitted after maturity where you will be able to withdraw the funds without penalty. You may prevent automatic renewal with prior written notice.

Penalty for Early Withdrawal: The penalty they may impose will equal six months interest on the amount withdrawn subject to penalty. Some exceptions may apply.

Interest Computation: Interest will be calculated using the daily balance method.

Farmer Frank, the BankVibe reader/contributor who mailed this to me, mentioned that this promotion began roughly the week of 6/08/2009 and that the tellers at Miners Bank seemed to be a bit aloof when asked when this promotion was going to end.  Which means this may be somewhat of a “hush hush” offer.

Hopefully this abnormally high savings rate offered through Miners Bank is a sign of things to come. While the large national banks (Ally Bank, E-Trade and Discover Bank) have savings rates that are still trending downward, I have seen several local banks/credit unions with savings rates on the rise. Perhaps these local institutions will set the tone towards a positive upswing in CD rates nationally …fingers crossed.

Another 12 month CD yielding 3.0% APY – Riverfront Credit Union

Riverfront Federal Credit Union out of Pennsylvania is offering some pretty lucrative CD rates when compared to the current national average. Of these CD rates, their two best offers are their six month certificate of deposit and their twelve month certificate of deposit.

Over the last couple months BankVibe has been on a constant search for short term deposits yielding above the three percent mark. Most banking sites will claim they don’t exist, however, depending on your location they can still be found with a little bit of patience and research.

CD rates from Riverfront Federal Credit Union, Pennsylvania

These rates are effective as of 3/1/2009 and are subject to change.

6 – 11 month CD (certificate of deposit) yielding 2.75% APY (national average for 6 mo CD’s is 1.55% APY)

12 – 23 month CD (certificate of deposit) yielding 3.00% APY (national average for 12 mo CD’s is 2.04% APY)

Membership Eligibility

If you live, worship, or work in the greater Reading, Pennsylvania area you are eligible to join this credit union and take advantage of these rates. If you happen to have a relative residing in this area you may also be eligible but you would have to contact a representative from the credit union.

Do you live outside of PA and want to find great CD rates? Find the best CD rates near you by typing in your state in our search box (upper right).